TSA Failure Under Buhari, A Sign That Nothing Can Work Under APC


Experts have reacted to the government reports that N2.81t is unremitted to TSA. A report has since found its way to the full glare of the Public, holding that Government-Owned Enterprises (GOEs), have blatantly refused to remit a large amount of money, to the tune of N2.81t, to the TSA account. The TSA is one of the hallmarks of the GEJ-led administration. This anti-corruption system ensures that all of the government’s money is remited to a single account controlled by various Nigerian banks. However, under the Buhari administration, the TSA has become less effective as GOEs have found a way to circumvent the resilient system. This shows a failure on the part of the managers of the system. The system can only work with the money remitted to it. The system is not built to force money out of the hands of GOEs.

Mr. Ben Akabueze who is the head of the Budget Office, while addressing the heads of GOEs, stated that the government revenue was operating at a meager 36% as at September. What this means is that the government is heading to a serious financial upheaval, as it does not have enough money to implement the 2018 budget, talk-less of the touted 2019 budget. Leading the pack of the %) defaulting GOEs, are the Petroleum Product Pricing Regulatory Agency (PPPRA) who owes the TSA the huge sum of N1.343t. Another is the CBN, who owes the FG 801bn. These are figures that can sponsor 40% of the 2018 budget. These irregularities are not isolated as various other financial mismanagements have happened under the Buhari-led administration. Remember the $5.8bn NEMA funds alleged to have been mismanaged by the VP, by the House of Reps? This is sick, coming from a government that touts itself as a corruption fighter. If this government is unable to figure out its main campaign promise; corruption, then it has done nothing for Nigerians. Heading to the polls, Nigerians will have learned a lesson of preferring plans to promises, because the APC-led FG rode on empty promises and now the nation is facing another recession according to the DG of Budget Office; Ben Akabueze.

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